- The meaning of “Audit” under the GST act is the examination of all documents, records, returns maintained or furnished by the registered person under this Act/ rules or under any other law.
- When the annual turnover of the registered person during a financial year is more than ₹ 2 crores.
- There are two types of GST audit:
- Audit by tax authorities (as per section 65)
- Special Audit (as per section 66)
- The person shall file GSTR 9C.
- “Reconciliation statement.” is for reconciling the value of supplies declared in the annual return with the audited annual return.
- GST audit can only be done by the Chartered Accountants or Cost work Accountants.
- The annual return under GST act, 2017 must be filed on or before 31st December of the following financial year.
- For July 2017 to March 2018 due date is 30.06.2019.
For the FY ending on 31.03.2018, the GST annual return must be filed on or before 31st December 2018.
- GSTR 9C is divided into 5 parts
|II||Reconciliation of turnover declared in audited Annual Financial Statement with turnover declared in Annual Return (GSTR 9)|
|III||Reconciliation of tax paid|
|IV||Reconciliation of Input Tax Credit (ITC)|
|V||Auditor’s recommendation on additional Liability due to non-reconciliation|